Property Type

Simpson Housing Acquires 370-Unit Luxury Apartment Complex in Atlanta for $136.5M

by Katie Sloan August 16, 2016

ATLANTA — Simpson Housing LLLP has acquired The Residence Buckhead Atlanta, a 370-unit, high-rise apartment complex located in the Buckhead neighborhood of Atlanta, for $136.5 million. OliverMcMillan developed the property in conjunction with the company’s 300,000-square-foot mixed-use project, Buckhead Atlanta. The Residence encompasses two 20-story towers featuring a resort-style pool, fitness center, theater, study, conference room, demonstration kitchen and concierge service. The Buckhead Atlanta mixed-use development, located just around the corner, is largely focused on high-end fashion. Tenants include Hermès, Christian Louboutin, Tom Ford, Jimmy Choo, Warby Parker, Diptyque, Brunello Cucinelli, Flywheel, Doraku Sushi, Gypsy Kitchen, Le Bilboquet, The Southern Gentleman and Shake Shack. The project also contains 100,000 square feet of boutique office space serving as the corporate headquarters for Spanx Inc. Jason Nettles, Trey Morsbach and Megan Thompson of HFF represented the seller, OliverMcMillan, in the transaction. HFF previously worked on behalf of the developer to arrange construction financing for the project in 2013. OliverMcMillan has designed and developed more than 8 million square feet of projects, and currently has approximately $3 billion under development. Simpson Housing LLLP is a privately held developer and manager of residential properties throughout the U.S. — Katie Sloan

August 16, 2016

Conference Coverage Features Georgia Retail Southeast Top Stories

Retailers Embracing Mixed-Use Projects, Technology to Reach Their Customers, Says CREW Atlanta Panel

by John Nelson August 16, 2016

Around Atlanta and the rest of the country, there are few retail developments in the pipeline that aren’t attached to office or residential uses. During CREW Atlanta’s panel discussion titled “The Evolution of Retail,” experts agreed that retailers are embracing mixed-use projects out of necessity. “I’m not sure if in the near-term there will be any more retail-only projects. Retail alone can’t sustain a single development, it needs other users,” said Tisha Maley, founder and principal of The Maley Co., a retail real estate advisory company that spearheads the leasing efforts for Ponce City Market in Atlanta’s Old Fourth Ward district. The 2 million-square-foot adaptive reuse project is the gold standard of how retailers are integrating into larger multi-use developments to great effect. “Ponce City Market as an anchor of the BeltLine has changed Old Fourth Ward forever. What retailers are attracted to is that shoppers show up to Ponce City Market for one reason or another multiple times a week,” said Maley, referring to the office component of the development, as well as The Suzuki School and Core Power Yoga. “It’s about creating a place where retailers and restaurants can feel that they can do business.” In addition to …

August 16, 2016

Hospitality Mixed-Use Multifamily Office Restaurant Retail Texas

Former First National Bank of Dallas Building Renamed The Drever

by Haisten Willis August 15, 2016

DALLAS — Drever Capital Management has announced the new name for 1401 Elm St., a 50-story, 1.5 million-square-foot tower occupying an entire city block in the Dallas central business district. The building, originally the First National Bank of Dallas, will now be known as The Drever. The building is being redeveloped into a combination of residential, hotel, spa, retail, office and restaurants with an expected delivery date of 2018. The building’s entrance faces Elm Street and is bordered by Akard Street, Pacific Avenue and North Field Street. Project specifics include a planned 236-room hotel, 27 floors of multifamily with 348 residential rental units, office space, a spa and wellness center, restaurants and entertainment options. On-site amenities for The Drever will include an outdoor terrace rooftop deck, infinity pool, fire pits, fitness center, dog concierge, dog park and public art throughout the interior and exterior of the building. When completed, the eight-story base of the tower will include more than 27,000 square feet of ground-floor retail space, 44,000-square-feet of office space, the hotel, residents’ lobbies and a ballroom. A wraparound amenity deck with sightlines to surrounding buildings, including a pool, a spa and exercise room, will be on the ninth floor. …

August 15, 2016

Multifamily Texas

Silver Oak Begins Phase II of Multifamily Property at Frisco Market Center

by Haisten Willis August 15, 2016

FRISCO, TEXAS — Silver Oak Multifamily Capital LLC has broken ground on Emerson Court, the second phase of an apartment development located within Frisco Market Center. The 312-unit Emerson Court was designed to complement the first phase, the 410-unit Emerson at Frisco Market Center, which is 100 percent occupied. The properties are located at the northwest corner of the Dallas North Tollway and Main Street in Frisco. Emerson Court is a four-story building that will wrap around a five-story parking structure. The apartments will feature amenities including kitchens with stainless steel appliances and granite counter tops, a fitness center, two interior courtyards with an outdoor pool, fireplaces, barbecue and picnic areas. The property will have a mix of one-, two- and three-bedroom units with monthly rents ranging from $1,100 to $2,200 per month. Emerson Court’s project team includes CBG Building Co. as the general contractor and BGO Architects as the architect. Frisco Market Center, a 100-acre mixed-use development, has added 12 restaurants since 2014. Main Event Entertainment and LA Fitness anchor the $300 million development, which sits adjacent to Frisco Square. Chief Partners LP is Frisco Market Center’s capital partner, and Hermansen Land Development Inc. is the developer.

August 15, 2016

Industrial Texas

Cushman & Wakefield of Texas Secures 396,880 SF Industrial Lease in Metro Houston

by Haisten Willis August 15, 2016

SEALY, TEXAS — Cushman & Wakefield of Texas Inc. has negotiated a 10-year lease of nearly 400,000 square feet within the former BAE manufacturing facility fronting I-10 just west of Sealy. The tenant is Valerus Field Solutions, a division of Montreal-based SNC-Lavalin, an engineering and construction firm. The Parker/Littman Team at Cushman & Wakefield of Texas represented the owner, Five Star Properties, and Kyle Kelley of Savills Studley and Jim Stark of CBRE acted as brokers for Valerus. The transaction is a consolidation of multiple SNC-LaFkellyvalin locations from across Texas and Louisiana and will employ up to 250 engineers, accountants, project managers, warehouse attendants and general laborers.

August 15, 2016

Retail Texas

M&M Arranges Sale of 5,451 SF Net-Leased Property in Marble Falls

by Haisten Willis August 15, 2016

MARBLE FALLS, TEXAS — Marcus & Millichap has arranged the sale of Sana Vida Wellness, a 5,451-square foot net leased property located in Marble Falls. Geoff Ficke of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Sana Vida Wellness is a wellness spa and tea bar located at 507 FM 1431, just off US Route 281. Constructed in 2007, the building is situated on 0.6 acres. Upon closing, Sana Vida Wellness will enter into a 15-year triple-net sale-leaseback.

August 15, 2016

Loans Multifamily Texas

Dougherty Mortgage Secures $1.7M Loan for Stonehill Terrace Apartments in Irving

by Haisten Willis August 15, 2016

IRVING, TEXAS — Dougherty Mortgage LLC has secured a $1.7 million Fannie Mae loan for Stonehill Terrace Apartments, a 301-unit market rate multifamily apartment property located in Irving. Property features include a clubhouse, pool, playground and laundry facilities. Apartment amenities include a dishwasher, air conditioner, hardwood floors, large closets and a patio or balcony. Dougherty’s Minneapolis office arranged the 8.3-year loan with a 30-year amortization schedule for the borrower, Urban Stonehill Apartments LP.

August 15, 2016

Loans Multifamily Western

Ready Capital Provides $10.9M Refinancing to Apartment Building in Tempe

by Nellie Day August 15, 2016

TEMPE, ARIZ. — Ready Capital Structured Finance has provided $10.9 million to refinance a 212-unit apartment community in Tempe. The community is situated in the North Tempe/University submarket. In addition to refinancing the property, the funds will allow the undisclosed borrower to renovate the exterior and unit interiors as leases expire. The non-recourse, interest-only loan features a one-year term and two extension options. It includes a facility that can provide future funding for capital expenditures. Ready Capital closed the bridge loan with a flexible prepayment provision that will allow the loan to be eventually refinanced under HUD’s 223(f) program.

August 15, 2016

Arizona Retail Western

SVN | Desert Commercial Advisors Arranges $7M Sale of Village Grove Plaza in Mesa

by Nellie Day August 15, 2016

MESA, ARIZ. — SVN | Desert Commercial Advisors has arranged the $7 million sale of Village Grove Plaza, an 82,373-square-foot shopping center located in Mesa. Beau Flahart, Rommie Mojahed and Mary Nollenberger of SVN represented the buyer, Zach Bonsall with Cole Valley Partners LLC, in the transaction.

August 15, 2016

Idaho Multifamily Seniors Housing Western

CareTrust REIT Invests $2.2M in Skilled Nursing Development in Idaho

by Nellie Day August 15, 2016

NAMPA, IDAHO — CareTrust REIT Inc. has made a $2.2 million preferred equity investment with Cascadia Healthcare LLC to fund the construction of a 99-bed skilled nursing facility in the Boise suburb of Nampa. The investment is the first of its kind between CareTrust and Cascadia, and includes a purchase option that will allow CareTrust to buy the facility once it is stabilized. Construction of the 52,000-square-foot began last week, for scheduled completion in mid-2017. CareTrust is a publicly traded healthcare REIT based in California. Cascadia is a skilled nursing operator based in Idaho.

August 15, 2016

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